TFSA vs. RRSP: Withdrawal Rules

Navigating the TFSA and RRSP landscapes can be tricky, especially with “re-contribution” traps. Here is the detailed breakdown of the rules, the historical limits, and why the TFSA is often the superior choice for large, one-time withdrawals. TFSA Contribution & …

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Maximizing the “Second Harvest”: A Strategic Guide to RRIF-to-TFSA Transfers

For many retirees, the transition from saving to spending brings a surprising challenge: excess income. Once you convert your RRSP to a Registered Retirement Income Fund (RRIF) by age 71, the Canada Revenue Agency (CRA) mandates a minimum annual withdrawal. …

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When Your RRSP Must Mature

You are permitted to contribute to your RRSP up until December 31 of the year in which you turn 71, at which point your RRSP must be closed. This deadline is firm — missing it means the entire balance is …

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